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Published bySavion Tippens Modified over 9 years ago
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Why Rebranding Matters
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Our brand is arguably our most important asset.
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What is a professional services brand? Our brand is the totality of how our audience sees, talks about and experiences our firm.
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How do you measure a brand? Reputation x Visibility = Brand Strength
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What Does This Mean? The better and more focused our reputation and the greater our visibility within our target client group, the more valuable our brand.
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The strongest brands… > Have 32% higher realized billing rates > Close a higher % of new business > Generate new leads earlier and less expensively > Attract higher quality job applicants
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Rebranding Readiness… > Do we have specific goals we want to achieve? > Does top management recognize the need? > Does marketing staff recognizes the need? > Is rebranding is a priority? > Have we set aside a budget? > You we identified the internal team? > Have we identified our outside branding partner?
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How Rebranding Impacts Our Firm… > Re-focuses our strategy to the right targets > Strengthens our value proposition > Tells our story in a clear and powerful way
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Top Reasons Firms Rebrand > To grow faster > To offer new services > To target new clients > Their message is not clear or compelling > Their brand is out of date > More competition in the marketplace
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Overview of Rebranding Process… 1. Get the strategy right 2. Build the new brand 3. Roll it out 4. Build it over time
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1. Get the Strategy Right > Structured research of clients, prospects, competitors, and influences > Study external and internal brand > Brand strategy ● Audiences ● Differentiators ● Positioning ● Messaging ● Visual expression ● Value proposition
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2. Build the Brand > Name, logo, tagline > Identity Package > Website > Collateral and tools > Tools to tell the story
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3. Roll It Out > Roll out plan > Building internal buy-in > Training
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4. Build It Over Time > Marketing plan > Support and troubleshooting > Track and adjust > Outsourced services
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How Long Will it Take? > Depends on many factors: > Size of your organization > Number decision makers > Amount of research required > Scope of deliverables > Responsiveness of both teams
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How Much Will it Cost? > Average firm spends about 5% of revenues on marketing > Rebranding usually requires 10%-20% of marketing budget
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Scenario: Start-Up/ Small Firm > Scope: Basic rebranding (research, positioning, messaging, logo, tagline, website, brand guidelines) > Timing: 3-5 months > Cost: $75,000-$100,000
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Scenario: Firm Re-focus > Scope: Brand strategy refinement (Research, positioning, messaging, tagline, messaging architecture) > Timing: 8-12 weeks > Cost: $20,000-$30,000
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Scenario: Complex Firm > Scope: Comprehensive Rebranding and Go-to- Market Strategy (Research, positioning, messaging, logo, tagline, website design & development, multi-piece collateral design & writing, messaging architecture, expanded brand style guidelines, marketing plan) > Timing: 4-8 months > Cost: $100,000-$200,000
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Selecting a Branding Partner > Clear goals and outcomes > Do they understand our firm and industry? > Have they done it before? > Do they take their own medicine? > Can we try before we buy?
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